The Rise in Wireless Payments
In recent years, an increasing number of consumers have started utilising their smartphones not just to perform routine banking via mobile apps, but also to make payments via mobile wallets such as Apple Pay and Google Pay.
Because of the pandemic, many people prefer contactless and digital payment methods over physical payment methods like cash. Due to the proliferation of contactless card payments over the last decade, many consumers are now accustomed to paying for things by tapping at the POS, whether with a card or a phone.
With smartphones remaining a significant part of daily life in the UK and customers becoming more familiar with using mobile payment technologies both in-store and online, mobile payments are expected to rise in the next few years.
Why is this trend important for my business?
We encourage small businesses to embrace the growing trend and to accept contactless payments in order to not only survive and prosper, but also to satisfy the expectations of their customers.
For businesses who have been hesitant to open a merchant account, there are numerous reasons to do so.
Here are some of the advantages to consider:
Convenience
One of the key advantages of having mobile payments in place is convenience. It is a more convenient way for your clients to pay for the services you provide or the products you intend to offer.
Cost-effective
You will also save money on receipt paper and ink because purchase confirmation can be provided by email or text message. The cost savings on store equipment and supplies will pile up quickly.
COVID-19 prevention
To limit the danger of COVID-19 and other virus transmission, the World Health Organization recommends that cashless electronic or mobile payments be the preferred choice for consumers and businesses.
Customer service
Adopting mobile payment technology also allows SMEs to better manage inventory and identify trends in customer purchasing habits.
If you have not yet implemented mobile payments in your business, it’s time to take a serious look at the potential growth in sales and customer base that it could bring.
How can PSP help?
Our bespoke procurement frameworks are designed to help you tap into the latest, best-in-class financial technology ecosystems, navigate through Data Protection, and cut out the time-consuming tendering process.
Our savings on card processing, for instance, might bring the average cost per payment down from 63p to just 20p – and the money transfer is instant. Our framework solutions from our expert partners including high street names, Lloyds Bank, Equifax, Allpay and AIB.
If you are interested in our Merchant Fees services, get in touch with us today.